Mumbai: The ministry of corporate affairs (MCA) has discovered at least 25 violations of the Companies Act by NuPower Renewables Ltd and Videocon Industries Ltd, the companies at the heart of the controversial ICICI Bank-Videocon loan case, two people aware of the matter said.
The report prepared by MCA’s Mumbai regional director will be submitted to the union finance ministry this week. The alleged breaches, however, do not pertain to transactions where charges of conflict of interest and quid pro quo have been levelled.
“The MCA had initiated a probe against the companies last year to examine violations of Companies Act. The findings indicate that the companies defaulted on at least 25 occasions and were in contravention of the provisions of the Companies Act.
